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    We found 1 SBI Home Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    8.30% - 8.65% Floating
    ₹2,000 to ₹10,000 + applicable tax
    -
    1-30 Years
    Response Time : Within 30 minutes
    Rs.10,000 Amazon Voucher
    What you'll love
    Documents
    Perks
    Good to Know
    Eligibility Criteria
    SBI Home Loan is Rated as "Great!" by 1141 Users
    Home Loan BYTES FROM OUR KITCHEN

    SBI Home Loan

    State Bank of India provides a range of home loan products to suit the individual needs and preferences of its customers. Various surveys and consumer awards have conferred the title of ‘The most preferred Home Loan Provider’, to SBI. Some of the best features that lend to the popularity of SBI home loans:

    With thousands of branches spread across various geographical locations has made SBI one of the most accessible banks to obtain a loan from.

    SBI Home Loan Interest Rates Updated on 20 Feb 2018

    SBI Home Loan Details
    Interest Rate For women - 8.30% to 8.6%
    For General Customers - 8.35% to 8.65%
    Processing Fees 0.35% of Loan Amount, min of Rs.2,000 to max of Rs.10,000 (plus applicable tax)
    Loan Tenure 30 years
    Pre-closure Charges Nil

    SBI Home Loan Current Updates

    Processing Fee Waiver Extended to End of March by State Bank of India

    State Bank of India is one of the top banks in this country. Recently, SBI extended the processing fee waiver offer till the end of March, 2018. This initiative is being seen as one of ways to increase the number of potential home purchasers. The base rate associated with State Bank of India home loans have also been reduced by 30 basis points. At present, the base rate offered by SBI housing loan stands at 8.65%. This reduction in the base rate will make things easier for more than 80 lakh home loan customers. The bank has announced the processing fee waiver on both auto loans and home loans in August, 2017.

    Home Loans Will Be Impacted As SBI Cuts Their Lending Rates - Nov 1, 2017

    The leading public sector bank in India, State Bank of India has reduced their lending rates across all maturities by 5 bps or 0.05% p.a. It is notable that this is the first time that SBI has reduced their Marginal Cost of Lending Rate(MCLR) in the last 10 months. This drop in lending prices is also the first drop after the bank got their new Chief, Rajnish Kumar.

    The new MCLR for SBI is as follows:

    • Going forward the overnight MCLR will be 7.70% which was 7.75% previously.
    • The MCLR for 1, 3, and 6 months will be 7.8%, 9.85%, and 7.9% respectively.
    • The MCLR for one year maturity will be 7.95%.
    • The MCLR for two years will be 8.05%.
    • The MCLR for three years will be 8.1%.

    This drop in MCLR by SBI will have an impact on home loans too. Going forward, home loan interest rates for women will be 8.3% which was 8.35% previously. For other home loan applicants, the interest rate will be 8.35% which was 8.4% previously.

    Following the rate cut by SBI, The Reserve Bank of India is expecting many other banks to lower their lending rates which will help boost credit growth in India.

     

    Significant Features of SBI Home Loans:

    • Lower interest rates as compared to other contemporary banks
    • Low processing fees
    • No hidden charges or administration fees
    • Nil pre-closure charges making repayment easier and more flexible
    • A huge network of branches across the nation making it convenient to visit a SBI branch
    • Exclusive packages depending upon individual needs of customers
    • Interest is calculated on daily reducing basis which lowers the overall interest paid

    SBI Home Loan Eligibility Criteria:

    • Salaried
      • The age of the applicant must be between 18 years and 70 years.
      • The annual income must be atleast Rs.1.2 lakh per annum.
    • Self-Employed
      • The age of the applicant must be between 21 years and 70 years.
      • The annual income must be atleast Rs.2 lakh per annum.

    Documents Required Applicable to All Loan Seekers:

    • Duly filled loan application
    • 3 passport-size photographs
    • Identity Proof (Voter ID Card/Passport/Driving License/Pan Card)
    • Proof of Residence (Current Address Proof)
    • Bank Statement for last 6 months
    • Personal assets and liabilities declaration
    • Proof of property
    • Income Tax Proofs (If required)
    • Signature Identification from present banker

    Documents Required for Guarantor:

    • Assets and liabilities Statement
    • 2 passport-size photographs
    • Identity Proof (Voter ID Card/Passport/Driving License/Pan Card)
    • Address Proof (Telephone Bill/Electricity Bill/Property Tax Receipt/Passport/Voter ID Card)
    • Signature Identification from present banker

    SBI Bank Home Loan Interest Rate:

    SBI Home Loan not only offers attractive benefits and terms for its home loan options but the bank also offers low competitive rates on its home loan. As of 2017, the interest rate for SBI home loan. The above mentioned rates are irrespective of the loan amount.

    As of December, 2017, the applicable interest rate for SBI home loan 8.30% to 8.65% for women and 8.35% to 8.70% for general customers . The above mentioned rates are irrespective of the loan amount.

    Apply for Home Loan Online

    Pradhan Mantri Awas Yojana By SBI Bank

    The Government of India aims at making Housing affordable for all by 2022. The initiative has already been taken to provide homes to the lower and middle class people in India. The bank claims to offer the lowest rates of interest with their home loans.

    Qualified Loans Under the Scheme:

    The Government of India has stated that all loan amounts that are less than Rs.30 lakh are eligible under this scheme.

    SBI PMAY Rates of Interest for the New Borrowers:

    The male borrowers can avail a rate of 8.40%. They can avail a reduction of approximately 20 basis points. As per the new rates, the female borrowers can avail a reduction of around 25 basis points. Interest rate will remain the same for both salaried and non-salaried male borrowers.

    Benefits of PMAY Scheme:

    After an individual takes a home loan from the State Bank of India, he/she must fill up the Pradhan Mantri Awas Yojana form. The processing will be taken care of by the bank. In case the individual is eligible under the scheme, interest subsidy will be credited to his/her bank account. As per the individual’s economic condition, he/she can apply for 3%, 4% or 6.5% interest subsidy.

    SBI Home Loan Schemes:

    SBI offers a wide range of home loan products to its customers. You can choose the best home loan scheme that suits your budget and requirement. SBI home loans come with exclusive packages and benefits to cater to the home finance needs of all its customers. Following are some of the home loan options available from SBI.

    SBI MaxGain Home Loan:

    The SBI MaxGain home loan aims to enable its customers to reduce their interest burden at no extra cost. This home loan acts as an overdraft account too, giving the customer privilege to withdraw and deposit amounts depending upon their cash availability. Bank provides internet banking and cheque book facility with this home loan. Excess funds when parked with this account impact the overall principal and the associated interest. Also, a customer can choose to withdraw amount from the linked account in case of excess parked funds.

    Features:

    • Min. Loan Amount – 5 lacs
    • Max. Loan Amount – No upper limit
    • Interest Rate – 0.25% over and above the existing home loan interest
    • Higher Liquidity, Savings on total interest paid
    • Pre-closure Charges - Nil
    • Interest Rate – Floating 10.15%

    SBI Yuva Home Loan

    The SBI Yuva home loan is tailored especially for individuals who are young and generally taking loan for their first home. The age eligibility is between 21-45 years. This loan grants an amount which is 20% over and above the regular loan amount. This home loan is ideal for fresh professionals and government employees. Under this scheme the home loan full repayment starts only after 36 month from the date of availing the loan. For the first 36 months only interest needs to be repaid.

    Features:

    • Eligibility – 21-45 years
    • Minimum Income – Rs.30,000 per month
    • Pre-closure Charges - Nil
    • Interest Rate – Floating 10.15%

    SBI NRI Home Loan

    As the name itself suggests, the NRI loan is tailored for Non-Resident Indians (NRIs) and for People of Indian Origin (PIOs). This loan is given to an individual who earns a regular income and whose minimum employment period (in India or abroad) is not be less than 2 years.

    Features:

    • Min. Loan Amount – 3 lacs
    • Max. Loan Amount – No upper limit
    • Eligibility – NRI or PIO
    • Pre-closure Charges - Nil
    • Interest Rate – Floating 10.15%

    SBI Realty Home Loan

    The SBI Realty home loan is for people who want to buy land or plot. The construction should commence within 2 years from the sanction date of the loan. This type of loan comes with the flexibility of availing another loan for construction purposes on the land bought. So a customer is entitled to avail two simultaneous loans on the SBI realty home loan.

    Features:

    • Max. Loan Amount – 15 crores
    • Loan Tenure – Up to 15 years
    • Pre-closure Charges - Nil
    • Interest Rate – Floating 10.15%

    SBI PAL

    SBI PAL home loan is a Pre-Approved Home Loan from State Bank of India. This loan does not depend upon the property to be bought. SBI grants its customers the freedom to avail the loan amount before deciding upon the property. This gives customers the needed confidence to negotiate boldly with builders/sellers regarding the price of the property.

    Features:

    • Eligibility – Depends on the annual income of the applicant
    • Tenure – Pre-Approved Letter of arrangement is valid for a period of 4 months
    • Min Loan Amount – 10 Lacs
    • Max Loan Amount – No upper limit
    • Pre-closure Charges - Nil
    • Interest Rate – Floating 10.15%

    SBI Her Ghar Home Loan

    SBI Her Ghar home loan scheme designed especially for women applicants. A woman needs to be the sole applicant or the primary applicant for this type of home loan. Also, the property for which home loan is being taken should be in the name of the woman applicant or she should be the primary owner in case it of joint ownership. This home loan scheme by SBI aims at enabling women to own property and carries a social obligation in line with the empowerment of women.

    Features:

    • Loan Tenure – 30 years
    • Interest Rate – 9.40%
    • Pre-Payment Charges – Nil

    More Housing Loans from SBI:

    Apart from the above listed regular home loan schemes by State Bank of India, there are several other options also which aim to uplift people from tribal and village areas of the nation. These schemes are in line with the organization’s commitment towards comprehensive nation building.

    Here are a few such housing schemes offered by SBI-

    SBI Tribal Plus:

    Tribal Plus housing loan from SBI is meant for customers who are from tribal areas or hilly regions where mortgage of property is not available. The loan is provided for construction of a new house or flat and for purchase of a new house. Under this scheme SBI also provides an option of taking loan for the purpose of renovation or repair.

    Features:

    • Min. Amount – nil
    • Max. Amount- 10 lacs
    • Repayment Period – up to 15 years

    GRAM NIWAS:

    The Gram Niwas scheme from State Bank of India is aimed at providing housing finance to the customers from rural regions of the nation. This housing plan covers people from rural or semi-urban regions which have a population of less than 50,000 as per the 2001 census. Under this scheme, home loans can be availed for buying of land or house, renovation and repair of house and construction of house.

    Features:

    • Min. Amount – nil
    • Max. Amount- 5 lacs
    • Repayment Period – up to 15 years

    SAHYOG NIWAS:

    Sahyog Niwas scheme aims to provide home loans to self-help groups which have a good credit history. The bank lends to members of these groups under this scheme for purposes of buying of land or house and construction, repair or renovation.

    Features:

    • Min. Amount – nil
    • Max. Amount- 50,000 per person of the self-help group

    SBI Home Loan FAQ section

    1. How can I decide which SBI home loan fits my requirement?

      BankBazaar gives you the option of comparing home loan schemes and an online EMI calculator to help you plan your finances well in advance before availing a home loan.

    2. What are the various interest rates offered on home loans?

      Interest rates vary with respect to the subscribing customer being a woman or otherwise. In the former case, the rate stands at 9.35% p.a while other customers are charged a interest rate of 9.40% p.a. These rates are irrespective of the actual loan amount.

    3. What is the processing fee charged by SBI for home loans?

      SBI charges a low processing fee for its home loans. Upto 0.35% of the loan amount is charged. The amount can be maximum of Rs.11,500

    4. Can I pay off my SBI home loan earlier than the initial tenure?

      Yes. You can pay off your SBI home loan earlier too, without a pre-payment penalty fee.

    5. Is there any security required for the SBI home loan?

      Usually, the property that is purchased using the loan serves as the security. In some cases it is at bank’s discretion to ask for additional securities like insurance policies, fixed deposits etc.

    6. Is a guarantor required to sign my loan application?

      Yes. A guarantor with all the valid and required documents need to sign your loan application.

    7. What kind of job makes me eligible for SBI home loan?

      You can either be a salaried employee or self-employed for obtaining this loan. However, the only condition is that you should be earning a regular income and should be able to furnish proofs of the same.

    8. Can joint-applications be made for SBI Home Loans?

      Yes. Joint applicants are welcome at SBI.

    9. Are there any tax benefits associated with SBI home loan?

      Yes. Tax rebate under section 80C of the Income Tax Act is applicable.

    10. Are long-term home loans beneficial or short-term loans?

      Long-term loans are beneficial in giving you the option and comfort of lower EMIs , however, short-term loans mean higher EMIs but lesser interest. A borrower can choose the option depending upon his financial status.

    11. How long does it take for my loan to get sanctioned?

      If all the required documents are in place then your SBI home loan can be sanctioned in a few days.

    12. Where can I apply for SBI home loan?

      With a network of over 17000 branches in India, SBI home loans can be applied at any of your nearest bank branch.

    Before you apply for the loan, Check your CIBIL Score for SBI Home Loan

    SBI Home Loan Reviews

    • SBI Home Loan
      "Hassle free"
      0.5 4.0/5 "Great!"
      SBI home loan is very good, I just visited three times to the bank. They have disbursed the loan amount on time. My loan amount was around Rs.17 lakhs for 20 years, they gave me floating interest rate is very good. They have repayment loan with nice scheme.
      Was this review helpful? 0
      , pune
      Reviewed on Feb 15, 2018
    • SBI Home Loan
      "Need Improvement"
      0.5 2.5/5 "Just OK"
      The STATE BANK OF INDIA executives took very long time to process my home loan application and they haven't even given any status of the product. The service needs to be improved with the STATE BANK OF INDIA, they need to give response to the customers. In all SBI has to be more co operative.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 14, 2018
    • SBI Home Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken the Home loan with the State bank of India and the rate of interest is around 8.35%, also the customer service is pretty good. I would like to say that the response is also good one with the State bank of India.
      Was this review helpful? 0
      , pune
      Reviewed on Feb 13, 2018
    • SBI Home Loan
      "Very Good"
      0.5 4.0/5 "Great!"
      I am having the home loan with the State bank of India and the response is very good one. Rate of interest was around 9.2% and the customer service is good too. The loan amount got disbursed within a month of time.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 07, 2018
    • SBI Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      STATE BANK OF INDIA has approved and disbursed my home loan within one month . The customer support is prompt with the STATE BANK OF INDIA. The required loan amount has not disbursed however they have disbursed my eligible loan amount.The rate of interest and the charges are average with the STATE BANK OF INDIA.
      Was this review helpful? 0
      , nalgonda
      Reviewed on Feb 06, 2018
    • SBI Home Loan
      "Best"
      0.5 4.0/5 "Great!"
      Rate of interest with the State bank of India was around 10% for the Home loan before ten years of time. I would like to say that the service aspects are okay with them and they have not asked any collateral on it.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 02, 2018
    • SBI Home Loan
      "Faster approval"
      0.5 4.0/5 "Great!"
      My home loan is ongoing with the State Bank of India. The loan process was simple and faster. They charged lesser interest rate and processing fee. I have purchased residential property. The loan duration was 30 years. The part payment and pre closure option is good with SBI.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Feb 02, 2018
    • SBI Home Loan
      "Overall good experience"
      0.5 4.0/5 "Great!"
      My home loan is with State Bank of India. They charge the lowest rate of interest and processing charges. The bank is not that flexible and there is too much of paper work and a long process. I only had to visit the home branch till the loan was done. After which I could step into any branch for a query.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 31, 2018
    • SBI Home Loan
      "Average service"
      0.5 2.5/5 "Just OK"
      The home loan service is not transparent with the state bank of India. The hidden charges and the rate of interest is quite high with the State bank of India. The SBI has offered me a home loan around 2 years ago. The customer support is average with the SBI.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 30, 2018
    • SBI Home Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      Got the home loan from the State bank of India around 6 months ago. They have disbursed the loan amount in 2 months of time. The required loan amount has been given and I am satisfied with it. The rate of interest and the charges are average with the SBI when compared with others.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 30, 2018
    • SBI Home Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I had applied for home loan with the State bank of India around 7 years ago and I have got the loan amount after a month time. The customer support is average with the state bank of India, the response part is also average with the SBI, The rate of interest and the charges are very low with the SBI home loan services when compared with other banks.
      Was this review helpful? 0
      , nalgonda
      Reviewed on Jan 28, 2018
    • SBI Home Loan
      "Better"
      0.5 5.0/5 "Blown Away!"
      Have been dealing with many financial products with State Bank of India for a long time. I have taken a home loan for rs. 50,00,000 with rate of interest at 8%. The tenure period given for me is thirty years. I would like to suggest to improve their customer service to interact with the people.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 25, 2018
    • SBI Home Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      It was an good experience with State bank of India home loan service. The rate of interest offer by State bank of India is average and the documents have collected directly. The customer support is good. It was an good experience with State bank of India home loan department.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 25, 2018
    • SBI Home Loan
      "Recommendable Home Loan"
      0.5 5.0/5 "Blown Away!"
      Before 10 years, I have taken home loan from SBI, they gave me lower interest rate around 8.5% of interest for the amount of Rs. 22 lakhs. It has the tenure of 30 years, however I can close by loan anytime without any charges. SBI is sending loan statement on time.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Jan 24, 2018
    • SBI Home Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      My Home loan experience with SBI was good, the process was smooth and i received my loan amount within the given time. The loan amount was for Rs 13.50 lakhs with the rate of interest of 8.55% which is nominal rate. There was no processing fees charged for this loan and the tenure of this loan is 20 years. Customer service was good and they responded on time.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 23, 2018
    • SBI Home Loan
      "Better"
      0.5 4.0/5 "Great!"
      I have my home loan with SBI which is taken through the online portal. The loan amount was 2 2lakhs and the tenure period was 2 years . The process was very simple and hassle free . They have provide door step service for collecting documents , The loan processing fee was nominal. Therefore I would conclude stating that the overall experience which I had with them was very good.
      Was this review helpful? 0
      , secunderabad
      Reviewed on Jan 17, 2018
    • SBI Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken home loan from SBI and it was a very good loan experience. The loan amount was for Rs 44 lakhs with the rate of interest of 8.65% which is nominal when compared to all other banks. The process was quite long and it took 2-3 weeks to receive the loan amount. Customer service was good and they responded on time. The tenure of this loan is 30 years and it was overall a good service from SBI.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 16, 2018
    • SBI Home Loan
      "Call support needs to be improved "
      0.5 5.0/5 "Blown Away!"
      My home loan was taken with State Bank of India. I have completed one and taken a new loan recently. They need to improve the customer service. The rate of interest was best. The documents are collected at doorstep by the executive. They have disbursed my loan on time.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 10, 2018
    • SBI Home Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken a Home loan with State bank of India.They have given a loan amount of 30 lakhs,rate of interest is low as compared to others.The tenure is for five years.they had processed the loan within a months time.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 06, 2018
    • SBI Home Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      It was a good experience with State bank of India home loan service,they offered me a rate of interest of 8.4 which was fine compared to others in the market. The documents where collected from my door step which was a easy process it was a good service from State bank of India home loan service.
      Was this review helpful? 9
      , lucknow
      Reviewed on Dec 28, 2017
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